Twitter co-founder Ev Williams.Twitter's IPO cemented co-founders Ev Williams and Jack Dorsey among the billionaire ranks, and boosted CEO Dick Costolo's personal wealth - but none of them will be cashing out any time soon.
In a new SEC filing on Monday morning, Twitter announced that those three key insiders 'have no current plans to sell any of their shares of Twitter common stock.' None of them have filed the required 10b5-1 plans necessary to begin to sell shares either. Twitter's VC partner Benchmark Capital also has 'no intention to sell or distribute stock to their limited partners before or immediately after the expiration of our lockup on May 5, 2014.'
This is key news for Twitter investors, who may have worried that the company's biggest shareholders would dump as soon as their lockup expired. Following the news, Twitter shares were up 3.00% as of 10:54am EDT.
With this announcement, Twitter's co-founders and CEO are following Mark Zuckerberg's playbook. In September 2012, the company announced that Zuckerberg would not sell any of his shares for at least a year. That move also calmed fears of a big sell-off.
As of Twitter's most recent proxy statement earlier this month, Williams was the company's largest individual shareholder, with 9.4%. Dorsey holds 4%, Costolo 1.4%, and Benchmark Captial 5.4%. Entities associated with Rizvi Traverse (14.4%), JP Morgan (8.4%), and Spark Capital (5.5%) were not included in this announcement.
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